Iraq an economic Study

Economist: you must apply three zeros deleted project citizen service and local currency

Friday, 05 October 2012 14: 33

The Economist stressed Abdulhasan alshammari, need to apply project delete three zeros currency because it hurt to serve the citizens and national currency by reducing cash large groups of blocks in the local market.

He said Al-shammari (News News Agency): the implementation of the restructuring of the Iraqi currency after deleting three zeros were necessary because it will serve the citizen and national economy as large groups would turn into a small unit, which will facilitate market transactions and accounts for State services.

He added: the project will provide additional financial resources for the country through printed coins (dinar and half quarter dinar, dinar) where the life span of these categories (25), while older paper no later than three months it's quick handling and damage.

He noted: the State printed annually from the limits of banknotes (250-750) million dollars per year, when implementing the project will slash the Federal Government from printing new currencies annually, provided funds can be utilized in projects of the country.

The Central Bank is preparing to implement a project to delete the three zeros national currency after completing all procedures relating to the project, but so far no date has been set because application calls by some officials to postpone it.

The Council demanded that the Prime Minister of the Central Bank to wait to delete the three zeros from the local currency, saying that a large project and needs sufficient time to apply

Kaperoni:Sometimes the best articles are slipped in. Though this is not from the CBI, it is a very good article.

As Bob already said, it clearly says that you have to apply this now because if you don't it will hurt the citizen and the currency because you removed the 3 zero notes (reduced the cash large groups). This also confirms we are right they are removing them. Even though LOPers keep telling everyone they are not. lol There is no reason to remove these notes if they were LOPing the value in advance of the re-denomination.

This is confirmation again, that the CBI removed the larger 3 zero notes. And as we read already this spring, the CBI took trillions of them out of circulation through the auctions. Some 12-16 trillion alone in April-July.

This economist is right on..he is saying you cannot take our currency away, and do nothing and not hurt the people and the currency. It makes sense to me he is right.

Now,. you add the article from the other day about the condition of the currency, and the problem IMO becomes even more serious. They simply cannot do nothing. The country is very dollarized right now and that needs to change. I cannot see the CBI continuing this for weeks, let alone months under the current circumstances.

Admin_Bob:He (Iraqi economist) makes a very valid point, you have removed the large notes so you must apply this.. "need to apply project delete three zeros currency because it hurt to serve the citizens and national currency by reducing cash large groups of blocks in the local market."

The federal government in Baghdad and the semi-autonomous region of Kurdistan in northern Iraq could soon reach an agreement on a new draft hydrocarbon law that would help resolve an impasse over who should control oil resources, Iraq's oil minister said Thursday.Disputes between the federal government in Baghdad and the Kurdistan Regional Government in Erbil have prevented agreement on a draft federal oil and gas law for more than five years.

The law is important for settling a dispute between Baghdad and the regional government in Kurdistan, as the Iraqi government doesn't recognize many deals signed by the Kurds with foreign companies. It wants to review these deals and bring them in line with oil laws valid in Baghdad.

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

"Near future" is kind of a new one for them. It sounds like it means something better than "coming days" but who ever knows with these people? I'm just taking it as confirmation that our investment will appreciate and, since he seems to be talking about the current dinar, and not some future dinar yet to be printed, that they aren't planning an l-word.

Incidentally, if you type the l-word now, GLP tells you "you suck."

Central likely rebound soon dinar

CBI likely improve the Iraqi dinar against foreign currency in the near future. The deputy governor appearance of Dr. Mohammed Saleh, said that the development of the Iraqi dinar began improving in front of the international currency difficult and will improve more during the next few as a result of increased oil production, which Seder substantial financial resources of hard currency, making the country away from the global economic crisis and Saleh pointed out that the inverse relationship between the dollar and gold, when rising dollar lowers the value of gold and vice versa, stressing that the global crisis that hit Europe and America has made the demand for gold is increasing for adoption buffer stock of wealth preservation led to an increase in its price in the world markets with the devaluation of the dollar. He added that some countries when you see the unstable situation of the dollar in trading world they sheltering other alternatives and &#1610;&#1578;&#1581;&#1608;&#1591;&#1608;&#1606; them are either gold or oil or food viable storage, pointing out that the gold the best alternative to the dollar to maintain the global wealth in the same context confirmed member of the House of Representatives Najiba Najib that the process of smuggling money abroad violating regulations and instructions issued by the Central Bank had a negative impact on the national economy. Najib said the smuggling operation funds reflected the increase in the exchange rate of the U.S. dollar against the Iraqi dinar which affects the country's economy She said Iraq's economy is still economical &#1585;&#1610;&#1593;&#1610;&#1575; depends 93% on oil, which is sold in dollars, as well as the fact that imports are in hard currency, and these factors played a major role in the exit of hard currency from the country, as well as the fact that a country's political, economic and security has big role in currency smuggling out of Iraq. She pointed out that Iraq's geographical location next to Syria and Iran and what is happening in the region has had a clear influence in the exit of foreign currency abroad, especially since these two countries are suffering from the siege internationalist and a shortage of hard currency resources. Finished / 2

Put the gun down. Here's Kaperoni's take on it. 2014 is the end of the process, after the zeros have been fully removed. RV or free float is the beginning.

314, GCC common currency is the next part of the plan. They are talking about it, but it's not gonna happen for a while.

Kaperoni: There is a very good chance that Iraq will not introduce the "new currency" till end of 2013 or sometime in 2014. But that has nothing to do with us as they must raise the value first. And it makes no difference in the budget until the value is greater than the USD. Once the value is greater than the USD, that is when they will make it "official" and start a new year with it on a legal level. Example, the dinar could be worth .10, .50, or even .86 all through 2013. Then in Jan 2014, they could declare "we have deleted the zeros" and all transactions and accounting records are adjusted accordingly as Saleh states. Another example could be a RV at a staging rate of 1 to $1 leaving it in place for 6-12 months as they transition from the current currency to the new currency....and then in Jan 2014 declare..."we have deleted the zeros". So you can see, the "actual declaring" is simply a date in which zeros are removed and goes into effect in country and more than likely would be at the beginning of a year but has nothing to do with us as most of us will cash out at some rate we are comfortable with.

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

Do you remember a few pages back that someone said there are no new U.S. bills past 2009. Look at the new $100 dollar bill? Notice the date is 2009. I can't recall what it had to do with Dinars but thought it was interesting.

Do you remember a few pages back that someone said there are no new U.S. bills past 2009. Look at the new $100 dollar bill? Notice the date is 2009. I can't recall what it had to do with Dinars but thought it was interesting.

I've heard a lot of talk about that theory, especially here. The conspiracy side of me wants to believe it's because our currency will be gold-backed in the future. The realist side knows that Ben Bernanke and his crew ain't going anywhere without a fight, though.

I think the 2009 date on the bills is because 2009 is when that series was created, and doesn't represent the year the bills were printed.

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

I sent that to Kap's admin, who tells me it's an older article and only referring to the difference between the street rate and the official rate.

Quoting: ReVbo™

Ok thanks Rev!

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

Haitham al-Jubouri called "central" to raise the value of the Iraqi dinar against the dollar

Special Reports

Baghdad and agencies

Wednesday, October 10 / October 2012 10:10:11 GMT

A member of a coalition of state law, MP Haitham al-Jubouri that the Iraqi currency recent &#1576;&#1575;&#1604;&#1570;&#1608;&#1606;&#1577; witnessed great volatility represented in the low price of the Iraqi dinar against the U.S. dollar and this dire economic damaging of all citizens calling on the central bank to work on raising the value of the Iraqi dinar against the U.S. dollar exchange rate.

Jubouri said the central bank should take its role in this issue as the issue price of the dinar based on supply and demand and therefore must move toward maintaining the value of the Iraqi dinar and the equivalence in U.S. dollars.

Jubouri said it is necessary to do no harm Iraqi dinar and the national economy as a whole. Before the adoption of the budget in 2012 in order to budget properly determined. Adding that currency volatility prices borne by the central bank and traders.

Revbo:Just thinking out loud here, but this could be Jabouri and Maliki trying to position themselves as the good guys in Iraq against the CBI. So, they attack the CBI as corrupt and, by demanding an increase in the value of the dinar, they're telling the Iraqis that it's the CBI, not GOI, who's keeping them poor. If they're really going to make a run at the CBI, they need the population on their side, and it's been my understanding, for a while, that the average Iraqi likes the central bank and doesn't much care for the government.

Again, just throwing this out there, but follow me down the conspiracy path for a moment. What if Jabouri knows Shabibi is gonna pull the trigger in a few days (Our 17 days is almost up*), and he's trying to get out ahead of it, so he can claim credit when it happens? So, he threatens Shabibi with corruption charges and demands an increase. Then, when Shabibi does it, Jabouri can claim it was because of pressure he applied. Shabiibi ends up looking like he backed down, and Jabouri is the hero.

*The 17 days reference is from Kaperoni mentioning, about two weeks ago, that his contact had told him that there was a "trading platform" established to trade dinar after the float happens, and that they needed 17 days to get the systems online and training done. If you frequent Dinar Vets, you would have seen, yesterday, he told Shredd, of Bondlady's site, that he had seen the trading room.

Kaperoni's post on this article from the thread at DinarAlert: IMO they are clearly not talking about raising the value from 1200 dinars or so to 1166 when the article talks specifically about the adoption of the budget. The budget articles clearly show 10-20 trillion deficit not to mention an increase in "investment" next year of about 6 trillion dinars. Iraq needs to make the dinar internationally convertible at a rate that will begin to benefit them not only on the budget, but other areas such as the ISX, WTO, etc. They will never prosper and bring any wealth to the people until that occurs. This article is asking the CBI to raise the value...or begin the free float. We are talking about a substantial increase.

Haitham al-Jubouri called "central" to raise the value of the Iraqi dinar against the dollar

Special Reports

Baghdad and agencies

Wednesday, October 10 / October 2012 10:10:11 GMT

A member of a coalition of state law, MP Haitham al-Jubouri that the Iraqi currency recent &#1576;&#1575;&#1604;&#1570;&#1608;&#1606;&#1577; witnessed great volatility represented in the low price of the Iraqi dinar against the U.S. dollar and this dire economic damaging of all citizens calling on the central bank to work on raising the value of the Iraqi dinar against the U.S. dollar exchange rate.

Jubouri said the central bank should take its role in this issue as the issue price of the dinar based on supply and demand and therefore must move toward maintaining the value of the Iraqi dinar and the equivalence in U.S. dollars.

Jubouri said it is necessary to do no harm Iraqi dinar and the national economy as a whole. Before the adoption of the budget in 2012 in order to budget properly determined. Adding that currency volatility prices borne by the central bank and traders.

Revbo:Just thinking out loud here, but this could be Jabouri and Maliki trying to position themselves as the good guys in Iraq against the CBI. So, they attack the CBI as corrupt and, by demanding an increase in the value of the dinar, they're telling the Iraqis that it's the CBI, not GOI, who's keeping them poor. If they're really going to make a run at the CBI, they need the population on their side, and it's been my understanding, for a while, that the average Iraqi likes the central bank and doesn't much care for the government.

Again, just throwing this out there, but follow me down the conspiracy path for a moment. What if Jabouri knows Shabibi is gonna pull the trigger in a few days (Our 17 days is almost up*), and he's trying to get out ahead of it, so he can claim credit when it happens? So, he threatens Shabibi with corruption charges and demands an increase. Then, when Shabibi does it, Jabouri can claim it was because of pressure he applied. Shabiibi ends up looking like he backed down, and Jabouri is the hero.

*The 17 days reference is from Kaperoni mentioning, about two weeks ago, that his contact had told him that there was a "trading platform" established to trade dinar after the float happens, and that they needed 17 days to get the systems online and training done. If you frequent Dinar Vets, you would have seen, yesterday, he told Shredd, of Bondlady's site, that he had seen the trading room.

Kaperoni's post on this article from the thread at DinarAlert: IMO they are clearly not talking about raising the value from 1200 dinars or so to 1166 when the article talks specifically about the adoption of the budget. The budget articles clearly show 10-20 trillion deficit not to mention an increase in "investment" next year of about 6 trillion dinars. Iraq needs to make the dinar internationally convertible at a rate that will begin to benefit them not only on the budget, but other areas such as the ISX, WTO, etc. They will never prosper and bring any wealth to the people until that occurs. This article is asking the CBI to raise the value...or begin the free float. We are talking about a substantial increase.

--

Quoting: ReVbo™

Sounds good to me Rev.

How is it that Kap sees the trading room? What does that mean? He is a trader... yes? Can you expand on that?

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements

It seems likely that there will be two rates, with both currencies existing side by side. For example, current IQD .00086, new IQD .86, appreciating to $1=1 dinar. It won't make you millionaires, but you'll see a 14% gain and possibly higher if it appreciates from there. How long it will take for the 1=1 rate is anyone's guess.

It seems likely that there will be two rates, with both currencies existing side by side. For example, current IQD .00086, new IQD .86, appreciating to $1=1 dinar. It won't make you millionaires, but you'll see a 14% gain and possibly higher if it appreciates from there. How long it will take for the 1=1 rate is anyone's guess.

Discussed a workshop organized by the Office of the representatives of the Iraqi parliament in the province of Maysan on the mechanism of deleting three zeros from the Iraqi currency was attended by representatives of Maysan MPs Mohammed Saadoun Chihod Rafi Abd al-Jabbar Noshi and professors from the University of Maysan and bank managers and specialists affairs and financial arithmetic and Mmmthelo civil society organizations in the province.

He Dean of the Faculty of Business and Economics at the University of Maysan Dr. Fadhel punitive's (Center Brief for the Iraqi Media Network) was axis to indicate a deletion of zeros between pro and exhibitions have been put forward ideas from both sides., A positive action must be done by the state after a period became the signs of improvement of economic Iraqi and also the process of deletion of zeros to a complete change, but constitute a psychological, economic and easy to handle in cash and remain the Iraqi dinar doomed economically sectors that support within the Iraqi economy. apprehensive state of Iraq when it comes out of the item Alsba to Aabdi economic well but as a measure to have been affected when, not Iraq only country , who intends to delete the zeros its currency, but there are countries, including Sudan changed its currency and deleted from the Sudanese pound zeros.'m with the deletion of zeros, but there should be strong measures and strict in the process of replacing the zeros and to develop procedures for the replacement process and not rush out of fear of the process of money laundering. For his part, MP Mohammed Saadoun Chihod's (Center Brief for the Iraqi Media Network) that economic reforms must be along the lines of political reform, one of the requirements of the current stage and economics Iraq now need to reform and placed the deletion of zeros is one of the economic reforms that elevate the Iraqi economy to the level of our ambitions, but Multi deleted zeros do more harm than good at this stage, where the challenges facing the country, including the economic and fear of corruption and fraud, not to mention not to strengthen the Iraqi dinar after the deletion of zeros we are with the process of deletion of zeros, but not in this difficult journey.

The first step in the economic reforms that preceded the reforms within the Central Bank of Iraq and the relationship of the central bank in charge of fiscal policy, which is under the Iraqi constitution. Within exclusive powers of the federal government is making fiscal policy of the Iraqi state at the time says he independently and far from the government and this is a problem and can not carry out the deletion of zeros under the political pressure and security challenges large. This big mistake must approve the deletion of zeros is everyone's participation in policy-making Economic by the Iraqi parliament and the Central Bank of Iraq and can not be of the Iraqi Central Bank to be alone with the process of deletion of zeros without Iraqi parliament is responsible for economic policy and financial of the country.

Kaperoni:What I get from this article is another confirmation of a float coming. This MP Mohammed Saadoun Chihod says they are for the deletion of zeros but not all at one time. In other words gradually -meaning float. He uses reasons again like the GOI said in the past like fear of corruption and fraud as reasons to not move forward. So what we are seeing here is exactly what we predicted. Postponement of the "over night" event, less problems in Iraq, fewer security challenges, etc. and a new course of action which will be a gradual rise in the value of dinar over time (which we have seen other MPs call for the CBI to begin). Then, when they feel it is appropriate, they will bring out an all new currency in Iraq, and officially announce "deletion of 3 zeros complete" which will enact the financial contractual law changing all accounting records. None of that applies to us as all we care about is the rise in value which appears to be about to begin. This is a good article for us...adds more confirmation to float, and it should start soon so they can achieve the goals of a 1 to $1 or higher by sometime middle of next year.

Admin_Bob:This is a very good article. References to 'multi deleted zeros do more harm than good at this stage' is a clear example of saying raise one at a time. Confirming Kap's theory of a float.

Kaperoni:It is very possible to have it 1 to $1 by the beginning of 2013, but we must be realistic if the plan is to free float the dinar. It could take 90-180 days to get to that level. When I look at articles from MP Haitham al-Jubouri calling for "delete 3 zeros" in July 2013 I get the feeling he expects the rate to be at least 1 to $1 by then. Therefore, the event in July is nothing more than new currency swap and an official declaration (which puts the financial/accounting law in place). That is substantiated by his insistence in recent days to ask the CBI to raise the value (begin the float).

Of course the CBI has clearly stated that they can only impliment this law at the first of a year so we will have to see.

In regard to the testing.... I have indirectly heard that it is complete. I have no confirmation. That being said, that does not mean it will start rising in value on the 15th. I do think it makes sense to start very soon, I just do not know when.

I am just trying to keep it real...we may have to wait a bit more than a few months to realize the rate we want. Let's hope that the CBI starts yes this month with this plan, and by Jan 1, 2013 the rate is high.

msmortgagewiz:I also found some information on HSBC and what might be the trading platform specific to our investment we are hearing some rumbles about. Not sure yet though. I will post it as soon as I find it again.

Federal Reserve Chairman Ben Bernanke encouraged policy makers in developing economies to let their currencies appreciate, delivering a strongly worded counterargument to their own critiques of the Fed.

Many central bankers in developing economies have complained that the Fed's easy money policies are hurting U.S. trading partners around the world. One common refrain is that when the Fed prints money, it causes investors to search for other places to put their money, causing a potentially destabilizing rush of funds into less developed economies. The critics say this fuels inflation and asset bubbles in their countries, and threatens to push their ...

Federal Reserve Chairman Ben Bernanke encouraged policy makers in developing economies to let their currencies appreciate, delivering a strongly worded counterargument to their own critiques of the Fed.

Many central bankers in developing economies have complained that the Fed's easy money policies are hurting U.S. trading partners around the world. One common refrain is that when the Fed prints money, it causes investors to search for other places to put their money, causing a potentially destabilizing rush of funds into less developed economies. The critics say this fuels inflation and asset bubbles in their countries, and threatens to push their ...

Quoting: ReVbo™

hmmm... good find

..............................When you judge another, you do not define them, you define yourself...................................THE SECOND AGREEMENT: "Don't take anything personally. When you are immune to the opinions and actions of others, you won't be the victim of needless suffering." ~ Don Miguel Ruiz, The Four Agreements